Strategic management is the art, science, and craft of formulating, implementing and evaluating cross-functional decisions that will enable an organization to achieve its long-term objectives. It is the process of specifying the organization's mission, vision and objectives, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives, and then allocating resources to implement the projects and programs. Strategic management seeks to coordinate and integrate the activities of the various functional areas in order to achieve long-term organizational objectives.
Business strategy is vital in any industry, but it is especially critical in the medical research field. The Business Strategy in Medicine Research Centre is dedicated to improving the health of people worldwide by conducting cutting-edge research and utilizing strategic advice for policy making. Starting from the research & development of the products, licensing requirements, to marketing & commercialization, all depend on an intelligent business strategy formulation. Strategy formulation involves understanding the settings in which an industry operates and accordingly formulating plans & methodology for the successful operation of the industry. The strategic objectives in medicine research also involve making critical decisions on the alignment & implementation of the organization's resources.
Formulation of the strategy involves analyzing the environment in which the organization operates, then making a series of strategic decisions about how the organization will compete. Formulation ends with a series of goals or objectives and measures for the organization to pursue.
The second major process of strategic management is implementation, which involves decisions regarding how the organization's resources (i.e., people, process and research technology) will be aligned and mobilized towards the objectives. Implementation results in how the organization's resources are structured (such as by product or service or geography), leadership arrangements, communication, incentives, and monitoring mechanisms to track progress towards objectives, among others.
In the research drug development, the strategy is a step-by-step plan of action that gives direction to our thoughts and efforts, enabling us to conduct research systematically and on schedule to produce quality results and detailed reporting. This enables us to stay focused, reduce frustration, enhance quality and most importantly, save time and resources. The Research Strategy is the nuts and bolts of all application, describing the rationale for our research and the experiments we do to accomplish the desired goals.
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